教師資料查詢 | 類別: 期刊論文 | 教師: 陳妙珍 CHEN, MIAW-JANE (瀏覽個人網頁)

標題:The Announcement Effects of Restricted Open Market Share Repurchases: Experience from Taiwan
學年93
學期1
出版(發表)日期2004/09/01
作品名稱The Announcement Effects of Restricted Open Market Share Repurchases: Experience from Taiwan
作品名稱(其他語言)
著者陳妙珍; Chen, Miaw-jane; 陳炤良; Chen, Chao-liang; Cheng, Wan-hsiu
單位淡江大學會計學系; 淡江大學經濟學系
出版者World Scientific Publishing
著錄名稱、卷期、頁數Review of pacific basin financial markets and policies 7(3), pp.335-354
摘要In this paper we empirically examine the effects of 451 restricted share repurchase announcements in Taiwan. Their 3-day cumulative abnormal returns are all significantly positive for different purposes and Tobin's qs. However, there is no significant difference in abnormal returns for different repurchasing purposes. This indicates that mandating a purpose is not really an effective tool for limiting managerial choice. Moreover, when the related variables are controlled, the other empirical results we conducted indicate that, at least in Taiwan, the traditional signaling hypothesis and the free cash flow hypothesis can function simultaneously to explain the effects of the restricted repurchase announcements.
關鍵字Restricted open market share repurchases; traditional signaling hypothesis; free cash flow hypothesis; Taiwan
語言英文
ISSN0219-0915
期刊性質國外
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